Category: The Wealth Advisor

In 2013, British IT worker James Howells accidentally threw away a hard drive while cleaning his house. Only later did he realize that it held the private key to 8,000 Bitcoin that are now worth hundreds of millions of dollars.¹

For more than a decade, he has tried unsuccessfully to persuade local officials to let him dig up the landfill where he believes the drive lies buried, even offering to buy the landfill, to no avail. 

His desperation illustrates not just the meteoric rise of Bitcoin and cryptocurrencies but also a fundamental aspect of what sets these assets apart: Without the private key, the Bitcoin is gone forever. There is no password reset and no recovery mechanism.

Crypto is the only asset class where a simple loss of access, not market decline, can wipe out an entire fortune. And that risk does not disappear when you die. If your executor cannot locate the wallet, seed phrase, or authentication steps, the asset may as well not exist.

Howells learned the hard way a lesson for crypto-owning clients: You need an estate plan that accounts for how uniquely valuable—and fragile—these assets can be. 

Crypto Goes Mainstream

When Howells first mined his Bitcoin, cryptocurrency was known mostly within tech circles. Since 2013, however, the value on the drive he inadvertently discarded has exploded from around $9 million to nearly $923 million,² tracking the dramatic rise of crypto into a widely held asset. Indeed, many experts and reports consider 2025 the year that crypto went mainstream.³ 

No longer a niche experiment, Bitcoin and other cryptocurrencies are now widely viewed as “digital gold” and, often, a hedge against traditional assets. Bitcoin alone has a market capitalization near $2 trillion, making it one of the world’s largest assets, ranked ahead of major global companies.⁴

Despite volatility, Bitcoin’s long-term performance has been extraordinary. Ten-year returns exceed 26,000 percent, far outpacing the S&P 500, gold, oil, and US Treasury bonds.⁵ A modest $100 in Bitcoin in 2014 would have been worth nearly $27,000 in 2024.⁶ 

Gains such as these explain why Howells is still willing to unearth tons of garbage—and why crypto has attracted millions of investors. What was once a fringe experiment has moved firmly into the financial mainstream, though estimates of how many Americans hold cryptocurrency vary widely.

• A June 2025 Gallup survey found that 14 percent of US adults across all age groups own Bitcoin or another cryptocurrency, rising to nearly 25 percent for men ages 18–49.⁷
• A Security.org study places total US crypto ownership much higher, at 28 percent across all age groups (about 65 million adults).⁸
• Federal Reserve estimates come in far lower, at around 4.3 percent.⁹

Interestingly, Federal Reserve data also shows that only 2–3 percent of US consumers use cryptocurrency for everyday purchases or money transfers.¹⁰ This suggests that most owners view crypto primarily as a long-term rather than a short-term play and supports the crypto community mantra “HODL” (“hold on for dear life”).

This growing level of adoption has also fueled a strong sense of confidence among crypto proponents. As Howells posted on X in August 2025: “You can block the gates. You can pack the courts. But you cannot block the blockchain. Crypto has already won.”¹¹ A blockchain is a shared digital record book stored across many computers that securely tracks transactions and cannot easily be changed or erased. In essence, Howells is expressing his belief that cryptocurrency is too decentralized to be stopped by traditional power structures like governments, courts, or regulators.

That confidence, however, exists alongside a far less predictable market reality, and opinions on it can vary as much as its price fluctuations. One could argue that early adopters like Howells are the biggest winners: Bitcoin hit a record high in late 2025. But six weeks later, all its gains for the year had been erased,¹² giving credence to the crypto naysayers. 

However, more former critics are coming around as institutional investors, financial advisors, and Main Street buyers push crypto further into respectability.¹³ Kevin O’Leary, Shark Tank’s “Mr. Wonderful,” once called Bitcoin “garbage” (before he flipped from crypto skeptic to investor).¹⁴ 

From Speculation to Protection: What Sets Crypto Apart

Part of what makes crypto a unique asset is that it presents more than one way to lose big. Market volatility is a risk with every asset, and cryptocurrency is certainly no exception. However, unlike a brokerage or banking account, with cryptocurrency, a simple oversight (like Howells’s) can erase all your holdings. 

Every Bitcoin transaction requires a private key or an encrypted string proving ownership of the crypto funds held in a particular wallet. Coinbase likens it to a “password that unlocks the virtual vault that holds your money.”¹⁵ In Howells’s case, that safeguard became the problem: The missing hard drive contains a record of the private key. Without it, he cannot access his Bitcoin. 

Therein lies the heart of the estate planning issue for crypto owners: Access must be identified, documented, and shared with the right people ahead of time. There is no mechanism—not through the courts, not through custodians, not through the blockchain—for an executor or other digital fiduciary to recover a lost private key.

Decentralization is what makes crypto appealing to many investors. It is also why proactive planning is essential to preserve this digital asset. Crypto may be the future of money. However, unless you address access and other unique crypto issues while you are alive, your crypto holdings could be impossible to preserve, manage, or transfer after your passing. 

How to Hold on for Dear Life: A Crypto Preservation Plan

Whether you are a longtime “HODLer” or a recent crypto investor, not having a plan to access and preserve your funds can lead to catastrophic, irreversible loss. Below are core crypto issues that your digital estate plan should cover to keep your funds safe and shareable. 

Issue: Keeping your crypto accessible. Crypto has no password reset, no customer service line, and no central authority to recover lost assets. If your heirs or executors cannot locate your wallets, keys, or access steps, or if your estate plan documents do not authorize access, your crypto may be permanently unrecoverable.

What you can do:

• Create a secure detailed inventory of your wallets, platforms, and holdings. Keep it somewhere safe and encrypted.
• Appoint a tech-savvy executor or a digital executor and update your will or trust to specifically reference crypto and grant access rights under state law.
• Store private keys, seed phrases, and multifactor authentication (MFA) backup codes securely. Let a trusted person know where these instructions are kept in case of an emergency.

Issue: Keeping your crypto safe. Crypto is vulnerable to hacking, phishing, and fraud, both during life and after death. Weak cybersecurity, insecure storage, or missing documentation can put your assets and estate at risk and create tax complications for your heirs (for example, difficulty establishing cost basis, reporting taxable gains, or responding to inquiries by the Internal Revenue Service (IRS)).

What you can do:

• Use a reputable password manager and enable MFA for all crypto-related accounts. Never list passwords or private keys in your will. Create a separate secure method for your trusted agents or executors to access your accounts.
• Back up recovery codes, wallet instructions, and key documentation in an encrypted, nonpublic location to prevent loss from device failure or theft.
• Keep thorough transaction records and understand the tax rules. Under existing guidance, the IRS treats crypto as property—not currency—meaning that transfers, exchanges, and sales may trigger capital-gains taxes; lifetime transfers may require gift-tax reporting; and valuable crypto holdings may increase your taxable estate.

Secure Your Wallet, Secure Your Legacy

Whether you hold crypto as a diversification asset, view decentralized digital currencies as the future of money, or fall somewhere in between, ensure that your crypto accounting goes beyond investment strategy and includes estate plan considerations. Thoughtful estate planning can help preserve access, reduce confusion, and protect the value of your crypto for the people you intend to benefit.

1. Ryan Gladwin, Man Fails to Buy Landfill with His Lost $923M Bitcoin—Here’s His New Plan, Yahoo!Finance (Aug. 5, 2025), https://finance.yahoo.com/news/man-fails-buy-landfill-lost-100824532.html. ↩︎
2. Id. ↩︎
3. Daren Matsuoka et al., State of Crypto 2025: The Year Crypto Went Mainstream, a16zcryto (Oct. 22, 2025), https://a16zcrypto.com/posts/article/state-of-crypto-report-2025. ↩︎
4. DeepNewz, Bitcoin Surpasses Google with Over $2 Trillion Market Cap, Becomes Sixth Largest Asset Globally, The Defiant (May 19, 2025), https://thedefiant.io/news/markets/bitcoin-surpasses-google-over-2-trillion-market-cap-becomes-sixth-largest-asset-77ec71e0. ↩︎
5. Prem Reginald, Bitcoin Outperformed Traditional Assets by Over 26,000% in the Last Decade, CoinGecko (Dec. 13, 2024), https://www.coingecko.com/research/publications/bitcoin-versus-traditional-assets-price-returns. ↩︎
6. Id. ↩︎
7. Jeffrey M. Jones & Lydia Saad, Cryptocurrency Still Has Limited Main Street Appeal, Gallup (July 22, 2025), https://news.gallup.com/poll/692777/cryptocurrency-limited-main-street-appeal.aspx. ↩︎
8. Brett Cruz, 2025 Cryptocurrency Adoption and Consumer Sentiment Report, Security (Nov. 21, 2025), https://www.security.org/digital-security/cryptocurrency-annual-consumer-report. ↩︎
9. Juan M. Sánchez & Masataka Mori, Cryptocurrency Ownership Among U.S. Households, Fed. Rsrv. Bank of St. Louis (Mar. 11, 2025), https://www.stlouisfed.org/on-the-economy/2025/mar/cryptocurrency-ownership-us-households. ↩︎
10. Fumiko Hayashi & Aditi Routh, U.S. Consumers’ Use of Cryptocurrency for Payments, Fed. Rsrv. Bank of Kansas City (Sept. 24, 2025) https://www.kansascityfed.org/research/payments-system-research-briefings/us-consumers-use-of-cryptocurrency-for-payments. ↩︎
11. James Howells (@howelzy), X (Aug. 4, 2025, at 10:59 CT), https://x.com/howelzy/status/1952399001346527334. ↩︎
12. John Towfighi, Why Crypto Is Melting Down and Stocks Keep Falling, CNN Bus. (Nov. 18, 2025), https://www.cnn.com/2025/11/18/business/bitcoin-price-crypto-stocks. ↩︎
13. Alexey Bondarev, 10 of the Harshest Bitcoin Critics Who Flipped to Become Frantic Crypto Believers, Yellow (Jan. 4, 2025), https://yellow.com/en-US/news/10-of-the-harshest-bitcoin-critics-who-flipped-to-become-frantic-crypto-believers. ↩︎
14. Kevin Helms, Shark Tank’s Kevin O’Leary Reverses Stance on Bitcoin, Says Crypto Is Here to Stay, Invests 3% of His Portfolio, Bitcoin (Feb. 28, 2021), (https://news.bitcoin.com/shark-tanks-kevin-oleary-bitcoin-cryptocurrencies-here-to-stay-invests-portfolio. ↩︎
15. What Is a Private Key? Coinbase, https://www.coinbase.com/learn/crypto-basics/what-is-a-private-key (last visited Dec. 22, 2025). ↩︎

Today, so much of what once existed in material form now lives entirely online. Our photos, finances, business operations, and even our identities are stored on devices and platforms and in cloud accounts. Without proper planning, these valuable digital assets can easily be lost or become inaccessible after we die.

As a sign of the times and how deeply virtual and physical life have merged, most of us no longer distinguish between assets we can touch and those that exist only online. You cannot put cryptocurrency in your back pocket, but you can move it instantly via the phone that is in your pocket. You cannot walk into your e-commerce store, but it can generate thousands in income each month for you, and that money flows directly into your online accounts where you never physically see a dollar or cent. 

Digital assets are every bit as real and valuable as traditional property—sometimes even more so. Yet many people do not treat them that way in their estate plan. Your plan may account for your home and heirlooms, but what about your Venmo balance, web domains, or crypto wallets?

A Day in the (Digital) Life

Think about how many digital assets you interact with on a daily basis. Your smartphone unlocks to reveal years’ worth of photos, messages, authentication codes, and logins. You can go online to check banking and investment apps, pay bills, move money through PayPal or Venmo, and access cloud storage, subscriptions, rewards programs, and digital wallets. By day’s end, you have used dozens of digital accounts, some holding real monetary value, others containing irreplaceable personal history. Yet most people do not recognize that these items are part of their overall estate.

A recent Bryn Mawr Trust survey found that Americans now place an average value of nearly $200,000 on their digital assets, and 79 percent say that protecting those assets is important—almost identical to the 78 percent who feel that way about traditional financial assets.¹ However, only 44 percent of those working with financial advisors say that the topic of digital assets and digital estate planning has ever been raised.²

People also underestimate the size of their digital footprint. Respondents to the same survey reported having anywhere from a handful to approximately 250 digital accounts, and many could not even estimate how many files they have.³

• Twenty-nine percent say they feel very or somewhat knowledgeable about digital assets.
• Twenty-one percent say they have only “a little knowledge.”
• Twenty-seven percent have heard the term digital assets but know almost nothing about it.
• Fifteen percent have never heard the term.⁴

If any of these findings hit home for you, you may be facing one of the major conundrums of the digital world: We constantly interact with digital assets but often have no idea what they actually are, let alone how to protect them.

So what exactly counts as a digital asset today?

Defining Digital Assets

Digital assets include any electronically stored pieces of information you own, use, control, or derive value from as well as the accounts, platforms, and devices where that information is stored. They generally fall into several categories:

• Personal communications and media: emails, text messages, digital photos and videos, social media profiles
• Creative and intellectual property: blogs, websites, domain names, digital artwork, nonfungible tokens (NFTs)
• Financial and asset-based accounts: online bank and brokerage accounts, crypto wallets, payment apps
• Business and commercial digital assets: e-commerce stores, bookkeeping and payroll platforms, monetized social media
• Subscription and licensed digital property: e-books, digital movies and music, gaming libraries
• Security and authentication tools: password managers, authenticator apps, encrypted drives
• Records, data, and personal identity: online statements, tax and medical portals, biometric identifiers
• Rewards and loyalty programs: airline miles, hotel points, credit card rewards
• Digital memorabilia and archived content: genealogy accounts, cloud-stored archives
• Connected devices: smartphones, tablets, computers, smart home devices tied to cloud accounts

Living in our digital world, differentiating between a digital asset and a traditional asset is not as obvious as it might seem. With so much of our lives now online, it is a bit like asking a fish, “What is water?” We are so immersed in digital assets, we almost do not perceive them for what they are: distinct assets that require a distinct protection plan. 

How to Protect Digital Assets in Your Estate Plan

Even if you understand what digital assets are, they can be easy to overlook in your estate plan. Here are some of the most common digital risks and the practical steps you can take to address them. 

Not knowing what digital assets you own. Most people do not realize how much of their life runs through digital channels. Creating a complete digital asset inventory is the first step toward securing your digital legacy. 

What you can do:

• Walk through a typical day, then a week, then a month.
• Write down every digital touchpoint: apps, accounts, bills, subscriptions, cloud storage, and financial platforms.
• Add these items to your digital asset inventory.

Losing access to your own digital accounts (and leaving loved ones locked out later). Without a clear plan, loved ones may never recover important digital property, from payment app balances to cryptocurrency to unused reward points.

What you can do:

• Go through each account in your digital asset inventory.
• Store access instructions (not passwords) securely.
• Let someone you trust know where your inventory and access instructions are stored.

Losing irreplaceable photos, videos, messages, and personal history. If everything lives on one device or inside a locked cloud account, your priceless memories may disappear forever.

What you can do:

• Designate Apple or Google legacy contacts to allow approved access after death.⁵
• Back up important media to a secure shared folder accessible to a spouse or trusted family member or advisor. 
• Periodically review what is stored only on your phones, computers, tablets, or private accounts and move critical items to a protected backup or shared account.

Executors facing access barriers during estate settlement. Executors need access to your bills, statements, or important online documents but may be blocked without the right authority.

What you can do:

• Appoint a digital executor (or coexecutor).
• Tell your executor which accounts they may need to access during administration so they know what to look for and where to begin.
• Ensure that your will or trust gives them explicit access rights.

Identity theft or fraud after death. Criminals often target the deceased, taking advantage of dormant accounts or publicly available probate information.

What you can do:

• Maintain an updated digital asset list so your executor knows what to secure or close quickly.
• Consider using a living trust to avoid probate court after your passing and reduce the public exposure that goes with it.
• Ensure that your executor (or digital executor) knows how to notify credit bureaus and freeze the credit file immediately after death.

Weak cybersecurity that puts your estate (and loved ones) at risk. Simple mistakes such as weak passwords, no multifactor authentication (MFA), or storing sensitive details in unprotected files create vulnerabilities now and later.

What you can do:

• Use MFA and a reputable password manager for stronger security.
• Document your MFA methods (backup codes, authenticator apps) in a secure, nonpublic place so a spouse or other trusted contact can use them in an emergency.
• Never write passwords in your will. Instead, ensure that your will or trust names a digital executor or trustee and grants them the necessary access rights.

Bring Your Digital Estate into the 21st Century

We are living in a digital world; an estate plan that is not purposefully designed to protect digital assets is incomplete and out of date. 

If your estate plan has not been revisited in the past few years with an eye toward safeguarding your digital legacy, it needs attention. For help bringing your estate plan into the 21st century, schedule a time to talk with us.

1. Jamie Hopkins, Bryn Mawr Trust Survey Reveals Americans Value Digital Assets at $191,516 on Average, but Gaps Exist in Digital Asset Awareness and Estate Planning, Bryn Mawr Tr. (Dec. 5, 2024), https://www.bmt.com/news-insights-events/bryn-mawr-trust-survey.
   ↩︎
2. Id. ↩︎
3. Id. ↩︎
4. Id. ↩︎
5. Roger Fingas, Who Handles Your Death Better? Google, Facebook, and Apple Compared, Android Auth. (Jan. 16, 2022), https://www.androidauthority.com/data-after-death-google-facebook-apple-3088700. ↩︎

Every year around the holidays, stores and malls across America are transformed into winter wonderlands, complete with elves, ornaments, artificial snow, and larger-than-life decorations. 

Many children stare in wide-eyed wonder as they wait to sit on Santa’s lap and answer a singularly important question: What do you want for Christmas this year?

While some children are prepared to share their most heartfelt wishes, others may need a little prompting. Santa may start with gentler questions to build rapport and earn their trust: How old are you? Have you been good this year? Do you have brothers or sisters?

As adults, we might find the mall Santa a bit campy, but there is a lesson to be learned from him about communication: relaxed, friendly small talk and the right questions can open the door to deeper conversations about family, goals, and values. 

For your next holiday get-together, here are a few festive facts and conversation starters to help you reflect on your own estate plan and hopefully also inspire a meaningful discussion at our next meeting.

Season of Giving

Holiday Fact: On average, each American plans to spend $890.49 on holiday gifts, food, decorations, and other holiday items this year. ¹

Estate Planning Fact: Approximately 68 percent of Americans do not have a will, yet everyone has a legacy to pass on, regardless of their wealth.

Thought to Unwrap: If you could leave one meaningful gift to your loved ones, what would it be?

Treasures of Time

Holiday Fact: More than 97 percent of Americans decorate the inside of their home for the holidays. ²

Estate Planning Fact: Wills can include family heirlooms such as holiday china, vintage ornaments, menorahs, or kinara.

Thought to Unwrap: Do you have family traditions or heirlooms you would like to pass on to a loved one?

Peace on Earth

Holiday Fact: Nearly 40 percent of families say they have disagreements during holiday gatherings. About one-third of those arguments turn into lasting family problems, and almost 20 percent of people say the fights even caused someone to change their will or estate plan.³

Estate Planning Fact: An estate plan can help avoid family conflict by providing loved ones with clear instructions and eliminating guesswork during emotionally challenging times.

Thought to Unwrap: Has your family faced past disagreements that might shape how you plan for the future?

Shorter Days

Holiday Fact: The winter solstice (December 21, 2025) marks the shortest day of the year but not the earliest sunset, which occurs about two weeks earlier.⁴ 

Estate Planning Fact: A trust can help shorten or avoid the lengthy probate process when time is of the essence.

Thought to Unwrap: What matters most to you—time saved, privacy, or control—when it comes to settling your affairs?

Fur-ever Gifts

Holiday Fact: A 2024 survey found that 6 percent of Americans planned to spend over $1,000 on holiday gifts for their pets, with the largest segment of pet owners (15 percent) planning to spend between $51 and $75. ⁵

Estate Planning Fact: Estate plans can include provisions for pets; celebrity designer Karl Lagerfeld famously left millions to his cat.

Thought to Unwrap: If something unexpected happened, who would step in to look after your pets, and how would you want them cared for?

Will Power Season

Holiday Fact: Unlike UPS and FedEx—private businesses that can set their own policies—the United States Postal Service is a government agency regulated by Congress. It cannot set its own policies and is required by law to deliver to every US address, even the most remote ones.⁶

Estate Planning Fact: If you do not have a will, default state laws could determine who inherits from you and how much they get. 

Thought to Unwrap: How comfortable are you with letting state law decide who inherits from you?

Little Lights, Bright Futures

Holiday Fact: Parents spend an average of around $173 per child on holiday gifts.⁷ 

Estate Planning Fact: Most parents with minor children do not have a will.⁸ 

Thought to Unwrap: Whom would you trust to care for your children if you cannot, and what qualities matter most in that role?

Wills for All Seasons

Holiday Fact: Millennials and Gen Z spend more on self-gifting than any other age group, redefining what “giving” means.⁹

Estate Planning Fact: Adults under 35 are now more likely to have an estate plan than those aged 35 to 54,¹⁰ reversing a long-held assumption. 

Thought to Unwrap: How do you see your stage of life shaping the kind of legacy you want to build?

Making a List

Holiday Fact: A Gallup poll from 2023 found that nearly half of shoppers (49 percent) planned to do most of their holiday shopping in December, while 16 percent planned to do all their holiday shopping in December. ¹¹

Estate Planning Fact: Forty-three percent of Americans without a will cite procrastination as the main reason.¹²

Thought to Unwrap: What is one estate planning task you have been meaning to check off your list?

Tidings of Charity

Holiday Fact: About 30 percent of annual charitable donations occur in December.¹³

Estate Planning Fact: You can set aside funds in your estate plan to give to a charitable cause in a family’s name.

Thought to Unwrap: Are there causes or organizations that have made a lasting impact on your life?

Wishing You Good Tidings (and Even Better Planning)

While we are not asking about the gifts you hope to receive this year, we encourage you to have an honest and heartfelt conversation with us and your loved ones about your hopes for the future. 

A single, meaningful conversation with us can set the stage for lasting peace of mind that extends long after the holidays. If you would like to create or update your existing estate plan to align with your future goals, please call us.

1. Consumers to Spend Second-Highest Amount on Record, According to NRF Holiday Survey, Nat’l Retail Found. (Oct. 16, 2025), https://nrf.com/media-center/press-releases/consumers-to-spend-second-highest-amount-on-record-according-to-nrf-holiday-survey. ↩︎
2. Julia Pelly, Christmas Decor Trends 2025: What Are the Most Popular Decorations in America?, Angi (Oct. 9, 2025), https://www.angi.com/articles/christmas-decor-trends.htm. ↩︎
3. Family Arguments During the Holidays Can Have Profound Consequences, According to New Survey from Trust & Will, PR Newswire (Nov. 19, 2024), https://www.prnewswire.com/news-releases/family-arguments-during-the-holidays-can-have-profound-consequences-according-to-new-survey-from-trust–will-302309908.html. ↩︎
4. Jane Rose & Karin Crompton, 25 Facts About the Winter Solstice, the Shortest Day of the Year, Mental Floss (Dec. 18, 2023), https://www.mentalfloss.com/article/72659/10-things-you-probably-didnt-know-about-winter-solstice. ↩︎
5. Betty Lin-Fisher, Pet ownership is up. So is consumer spending on dogs, cats for the holidays, USA Today (Dec. 21, 2024), https://www.usatoday.com/story/money/2024/12/21/pet-spending-holiday-statistics/76947872007. ↩︎
6. Tyler Powell and David Wessel, How is the U.S. Postal Service governed and funded?, Brookings (Aug. 26, 2020), https://www.brookings.edu/articles/how-is-the-u-s-postal-service-governed-and-funded. ↩︎
7. Stephanie Weaver, Here’s how much parents spend on holiday gifts for each child, Live Now Fox (Nov. 21, 2024), https://www.livenowfox.com/news/how-much-parents-spend-holiday-gifts-each-child. ↩︎
8. Victoria Lurie, 2025 Wills and Estate Planning Study, Caring (Sept. 17, 2025), https://www.caring.com/resources/wills-survey. ↩︎
9. Jing Feng, Young adults are keeping themselves on their holiday gift lists, NBC News (Dec. 22, 2024), https://www.nbcnews.com/business/consumer/young-adults-are-keeping-holiday-gift-lists-rcna184447. ↩︎
10. Victoria Lurie, 2025 Wills and Estate Planning Study, Caring (Sept. 17, 2025), https://www.caring.com/resources/wills-survey. ↩︎
11. Jeffrey M. Jones, December Holiday Rush for Half of U.S. Shoppers, Gallup (Dec. 7, 2023), https://news.gallup.com/poll/545537/december-holiday-rush-half-shoppers.aspx. ↩︎
12. Victoria Lurie, 2025 Wills and Estate Planning Study, Caring (Sept. 17, 2025), https://www.caring.com/resources/wills-survey. ↩︎
13. Daniel Hall, Why 30% Donate in December: Year-End Giving Statistics, Harness, https://www.goharness.com/blog-posts/year-end-giving-statistics. ↩︎

During the holidays, we usually receive at least one gift that, let’s face it, falls a bit flat. 

When we were young, it might have been an itchy sweater from Grandma or a toy from Mom and Dad that we had outgrown. As adults, maybe someone got your clothing size wrong or misjudged your taste in jewelry, or you ended up with a regrettable White Elephant exchange gift.

You could be honest with the gift giver and request a return or an exchange, but you do not want to hurt their feelings. So you act happy and surprised, though you already know the gift is bound for a box in the basement or a future trip to Goodwill. Then you think of someone who would like it, and a plot is hatched: the regift.

National Regifting Day takes place on the Thursday before Christmas and celebrates giving an unwanted gift to someone else—especially at holiday office parties—as a way to promote sustainability and mindful consumption.¹ Observers of the day generally follow a few simple rules: do not regift the item to the original giver, do not regift something handmade or personalized, and always rewrap it thoughtfully.

While National Regifting Day is lighthearted, it reminds us of the value of intentional giving and the importance of considering not only what we give but how it will be received.

In estate planning, some “gifts” can be regifted, revised, or exchanged over time, while others, once given, are final. The key is knowing the difference and ensuring that you have left a kind of “receipt in the bag” in case an exchange becomes necessary and the “return window” is still open.

Regiftable Assets: What You Can Update While You Are Alive

Some parts of an estate plan are flexible while you are alive and have capacity (i.e., are of sound mind and can manage your own affairs). Think of these as the “regiftable” parts: the ones that can be exchanged or updated as life changes. With estate planning, it is not about passing along an unwanted gift, but rather thoughtfully repurposing your original intentions—redirecting how future distributions to loved ones will be shared while keeping the same spirit of generosity at the heart of it all.

• Will. You can change, add, or remove beneficiaries; update how your beneficiaries are to receive their gifts; and nominate or change guardians of minor children.
• Beneficiary designations. The beneficiaries that you designate on life insurance policies, retirement accounts, and payable-on-death accounts can be updated at any time. These designations should be made thoughtfully and coordinated with your overall estate plan; for example, naming your living trust as a beneficiary if it aligns with your overall goals.
• Revocable trusts. You can adjust the trust terms, trustees, beneficiaries, and distribution plans while you are alive and have the capacity to do so. However, keep in mind that properties in multiple states or foreign accounts, or properties that may require updates, may make the process a bit more complicated and require extra legal steps.
• Powers of attorney and healthcare directives. These documents can be changed or revoked as long as you retain the capacity to make decisions. If a progressive illness develops, updates may need to occur in stages.
• Lifetime gifts and charitable plans. You can make gifts or donations during your lifetime, but the flexibility of those gifts depends on the setup. Once you give something outright, it is usually not possible to take it back. Gifts made through a revocable trust or donor-advised fund can typically be changed while you still have the capacity to do so. Bigger or more structured gifts, such as those made through irrevocable trusts or foundations, are generally permanent once established.

Returns and Exchanges: Harder to Make Changes While You Are Alive

Other estate planning choices come with a shorter “return window.” While not completely irreversible, they are much harder to change without court or administrative involvement.

• Irrevocable trusts. These trusts are established to be irrevocable once they have been signed and generally cannot be altered. However, some states do allow limited updates under certain conditions without the necessity of going to court.
• Revocable living trusts during incapacity or after death. Once the trustmaker (also called the grantor or settlor) becomes incapacitated or dies, the living trust’s terms typically become fixed—much like an irrevocable trust. In certain situations, limited updates can still be made without court approval, depending on the state’s laws. Other ways to build in flexibility include adding spendthrift provisions or giving successor trustees certain discretionary powers, creating some wiggle room by allowing them to make decisions or adjustments as circumstances change, without needing to alter the trust itself.

No Returns Available: When Gifts Are Final

There are some parts of an estate plan that become final once they are carried out, and only in rare situations, such as cases involving fraud, coercion, or a clear mistake, can those actions be undone.

• Final distributions. After gifts and inheritances have been made from a will or trust and are in the hands of the beneficiaries, they generally cannot be changed or taken back.
• Delivered lifetime gifts and finalized deeds. After you have given a gift or finalized a deed transferring your real property during your lifetime, it is permanent. 

Leaving a Receipt in the Bag: Guidance for Beneficiaries

A comprehensive estate plan is more than just a set of documents; it is a roadmap for your loved ones. It allows you to include clear instructions, guidance, and personal touches that make it easier for them to carry out your wishes with confidence and peace of mind.

• Personal letters or notes. While letters of instruction are not usually legally binding, they can still be incredibly helpful. Use them to explain your intentions for sentimental items, coveted collections, digital accounts, and other accounts, property, or gifts that may benefit from a little extra context or explanation. 
• Trustee and executor guidance. Give explicit instructions about how your accounts and property should be managed, especially if they span multiple states or countries, have unique sentimental value, or are intended for a beneficiary with special needs. 
• Advisory roles. Appoint trusted helpers, such as trust protectors or investment advisors, to support trustees during unexpected situations. Ensure that their roles are well-defined so they do not conflict with other key decision-makers. 
• Backup plans. Name alternate beneficiaries in case the primary beneficiary is unable to accept their gift.
• Organized records. Keep accounts, passwords, and important documents organized to make things easier for your loved ones.

Know the Rules: Avoid Estate Plan Faux Pas

Even regifting has its etiquette. And so does estate planning.

You can avoid estate plan faux pas that lead to conflict or unintended outcomes—and the legal and emotional “return lines” that come from unclear, outdated, or inappropriate gifts—by following a few simple rules: 

• Choose wisely. Think carefully about who is receiving what and whether those gifts fit your beneficiaries’ needs and circumstances.
• Be discreet. When making updates or sharing instructions, keep things private and well-documented to protect everyone who might be affected.
• Avoid regifting to the original giver. Anticipate potential conflicts among loved ones or cobeneficiaries and plan contingencies accordingly.
• Celebrate the intent. Focus on the “why” behind each change or bequest. Gifting with intentionality and meaning reduces the chances that an exchange or regift will be necessary later. 
• Include a receipt. Leave behind clear letters of instruction, an organized inventory of everything you own, and detailed guidance for trustees and executors.
• Check the return date. Set up regular reviews to ensure that the “gifts” in your plan still align with current laws, relationships, and life circumstances, and that there is still time to make changes if necessary.

A Gift You Can Give Yourself and Your Loved Ones

Most of us know that regifting comes with rules, and stores have return policies for a reason. Not every gift can be freely swapped. Thoughtful gifting matters. Some things, once given, are final. 

Our favorite gift during the holidays might be the one we give ourselves: an estate plan and the gift of peace of mind that comes with having a well-planned future. However, unlike the casual rules of regifting, the rules of estate planning are written and formal. 

Schedule a time to “unwrap” your plans with us before year-end to ensure that your gifts, as well as your “regifts,” “returns,” and “receipts” reflect both your giving spirit and the law. 

1. National Re-Gifting Day, Days of the Year (Nov. 6, 2025), https://www.daysoftheyear.com/days/re-gifting-day. ↩︎

12 Estate Planning Steps to Take This Holiday Season

“On the first day of Christmas, my true love gave to me a partridge in a pear tree.” 

—The Twelve Days of Christmas

A partridge in a pear tree? Lords a-leaping? Many of us may know the lyrics to “The Twelve Days of Christmas,” but few likely know its origin or the meanings behind the song. And what is the story with the 12 days, anyway? Isn’t there just one?

The popular song was inspired by the 12-day liturgical season in Christianity known as Christmastide that runs for 12 nights, from December 25 to January 5.¹ It began as a Church tradition and later inspired a period of feasts in medieval and Tudor England, as well as an English folk song.² The modern version we know was not written until 1909.³

The song may be about symbolic gifts of love and melody, but in estate planning, the most valuable gifts you can give are the ones that bring clarity, protection, and peace of mind—and that last well beyond the holidays.

Keeping in the spirit of the song, consider the following 12 estate planning gifts, each one a practical step you can take to protect your loved ones and plan for your future.

1. A partridge in a pear tree. Female partridges are among a group of clever birds known to feign injury as a way to lure predators from their nest and protect their young. Think of your estate plan as the human version of that instinct—a clever way to protect and reduce risk for your own loved ones.

Estate planning step: Schedule meetings with your financial advisor and estate planning attorney to discuss your priorities, values, and needs. Laying this groundwork ensures that every step that follows serves your core objectives. Be prepared to discuss family dynamics and special circumstances; pinpoint your legal objectives (e.g., minimizing estate taxes or avoiding probate); and determine which financial and estate planning strategies best meet your needs.

2. Two turtle doves. Turtle doves often serve as a symbol of devotion. A comprehensive estate plan that includes everyone you value in your life can demonstrate your own level of commitment to those closest to you.

Estate planning step: Before meeting with your advisor and attorney, gather your personal, financial, and family information, including names, birthdates, and contact information for your children, stepchildren, spouse, siblings, and other loved ones. Consider involving your spouse or your closest family members early in the process. Including them early helps ensure that everyone understands your intentions, avoids misunderstandings, and reduces the risk of surprises or conflict later. 

3. Three French hens. In the famed Christmas carol, the three French hens are commonly associated with the virtues of faith, hope, and generosity. In seeking to safeguard your own nest egg for the next generation, consider what hopes you may have for their future as well as whom you would trust most to carry out your wishes.

Estate planning step: Take time to identify your beneficiaries and understand their individual needs—financial, emotional, or otherwise. Knowing what you want to support in each person’s life helps shape a plan that is both practical and meaningful. But do not stop there; think carefully about whom you trust to carry out your wishes, since the success of your plan depends on choosing the right people to fulfill your intentions when the time comes.

4. Four calling birds. Some historians assert that the song lyrics originally referenced “colly” birds, an archaic term for blackbirds.⁴ Highly territorial, blackbirds stand ready to defend their home under any circumstances. Once you have a clear picture of what you wish to protect, you will also be able to secure all that you hold dear.

Estate planning step: Prepare an inventory of everything you own and owe, including a complete list of your assets (e.g., accounts and property), income information, and existing insurance policies, as well as your debts. Have this information organized and ready to share at your meetings with your advisor and attorney, ensuring you can effectively defend and protect your loved ones through your estate plan.

5. Five golden rings. According to some researchers, the gold rings from the “Twelve Days of Christmas” song do not signify jewelry but the name of yet another bird, the goldfinch.⁵ A resilient and adaptable songbird species, the goldfinch reminds you to be prepared to weather any of life’s unpredictable events.

Estate planning step: Preparing for the unexpected means considering many possible scenarios. Your estate plan should be flexible enough to adapt as your life, family, and finances evolve. Before meeting with your advisor or attorney, review any recent life changes, such as births, deaths, marriages, or the acquisition of new assets, and consider how your goals may shift over time. This will enable your plan to be designed to grow and adapt with you.

6. Six geese a-laying. Some pinpoint the six geese in the song as representing creation and new life. Similarly, think of estate planning not as gloomy or morbid but as a forward-looking act of creating new opportunities and protections for those who come after you. 

Estate planning step: An estate plan encompasses more than distributing your money and property after you have passed away. Creating a thoughtful plan that passes your wisdom and values on to your beneficiaries can prove just as meaningful. Think about what family histories, stories, or personal philosophies feel crucial to share with the next generation. You may consider including these in a legacy letter that accompanies your estate plan. Taking this step not only strengthens your legacy but also provides new opportunities and perspectives for the next generation to build upon.

7. Seven swans a-swimming. The number seven is often regarded as sacred in many religions and cultures. In Catholicism, it has often been tied to completeness or perfection. While no one is perfect, you can work with advisors and estate planning professionals to ensure that your estate plan is as complete and legally solid as possible.

Estate planning step: Finalizing and signing your estate planning documents is essential to ensure that they are legally valid and enforceable. Because requirements for witnesses, notarization, and execution vary by state, working with a qualified professional helps ensure that your documents meet all legal standards and reflect best practices in your jurisdiction.

8. Eight maids a-milking. The milkmaid in the lyrics has elicited a range of interpretations throughout history, including portrayals of diligence, humility, and dignity in everyday tasks. At first glance, estate planning may seem to be of interest only to those with significant wealth, but in reality, it is a process from which everyone can benefit, regardless of the size of their estate. 

Estate planning step: Focus on your goals, not just your net worth. Like the milkmaid who found meaning in her everyday work, view your estate plan as a way to care for the people and values that matter most—both during your lifetime and after your death. A well-crafted plan can also guide and protect you during periods of incapacity (being unable to handle your own affairs), ensuring that your daily life and decisions continue to reflect your wishes.

9. Nine ladies dancing. Whether the nine ladies in the song symbolize angels or virtues such as love, joy, and patience remains uncertain. Either way, they serve as a reminder to take the necessary steps in the estate planning process. It may initially seem intimidating or hard to follow, but with guidance from your advisor and attorney, all components of your plan will ultimately align.

Estate planning step: Partner with a professional to master all the right estate planning moves. If you establish a trust-based estate plan, be sure to fund the trust, i.e., transfer assets into it, so it actually works as intended and avoids probate. Another smart move is to keep your beneficiary designations up-to-date, ensuring that your accounts align with the rest of your plan. 

10. Ten lords a-leaping. The leaping lords remind us to lift others up and stay connected during the holidays. Joy grows when it is shared, especially with those who may need extra support or encouragement.

Estate planning step: Taking the lead involves helping those around you. In estate planning, communicate the key elements of your plan to all key partners involved in the process, including your fiduciaries and beneficiaries. Ensure that they are aware of the location of your documents, who is responsible for what, and what you expect from them. By involving your loved ones in the conversation, you provide them with clarity about your wishes and ensure that they are supported when life feels uncertain.

11. Eleven pipers piping. Estate planning can help maintain harmony among your loved ones. You are the composer, and your financial accounts, property, and personal possessions are all instruments that play a role in your plan. A well-structured estate plan that accurately reflects your intentions can facilitate a smooth transfer of assets to your beneficiaries. 

Estate planning step: Once you have completed your carefully curated “playlist” of estate planning documents, store your plan securely (both physically and digitally), and maintain a summary or index that helps your loved ones quickly find what they need.

12. Twelve drummers drumming. Getting into a consistent rhythm as the seasons of your life shift means less stress and more time for celebration and enjoyment.

Estate planning step: Set a regular review schedule—annually or after major life events such as marriage, birth, or a move—to keep your plan current with your life and the law.

The Greatest Gift You Can Give

Knowing where something came from, whether a song, a family tradition, or a personal value, deepens its meaning. The same principle applies to your estate plan.

To create a plan that truly reflects who you are and what you care about, your advisor and attorney need to understand your history, relationships, and goals. It may take longer than 12 days to create your plan once we have all the necessary information, but you will have a gift far more valuable and lasting than anything found under the tree. 

This holiday season, as you reflect on the year and spend time with loved ones, you can take real steps toward securing your family’s future—one meeting, one conversation, and one thoughtful gift at a time. Call us to schedule a time to create or review your existing estate plan.

1. Catherine Boeckmann, What Are the 12 Days of Christmas? And When does the 12 Days of Christmas start?, Almanac (Nov. 12, 2025), https://www.almanac.com/what-are-12-days-christmas. ↩︎
2. Id. ↩︎
3. Meghan Jones, What Are the 12 Days of Christmas, and What Do They Mean?, Reader’s Digest (Sep. 9, 2025), https://www.rd.com/article/where-do-12-days-of-christmas-come-from. ↩︎
4. Peter Armenti, Is It “Four Calling Birds” or Four Colly Birds”? A “Twelve Days of Christmas” Debate, Library of Congress Blogs (Dec. 21, 2016), https://blogs.loc.gov/catbird/2016/12/is-it-four-calling-birds-or-four-colly-birds-a-twelve-days-of-christmas-debate. ↩︎
5. Pamela Patton, Five Gold Rings, Princeton University (Dec. 20, 2021), https://ima.princeton.edu/2021/12/20/five-gold-rings. ↩︎

The holiday season is right around the corner, and you have likely been shopping for the perfect gifts for your loved ones. You may have been wandering through crowded stores, scrolling through online marketplaces, or replaying conversations you have had with your loved ones over the past few months, trying to recall subtle hints they may have given.

What if you just ask them what they want? Wouldn’t you want to know that your gift truly fits rather than guessing? Sometimes a simple question can save you from giving something they do not want or will not use.

Estate planning can be thought of as gift-giving on a bigger, more enduring scale. But unlike a holiday gift that can be returned or exchanged, the “gifts” of an estate plan carry emotional weight and often touch on sensitive family dynamics that demand more in-depth conversation.

When you assume that you know your loved ones’ preferences or avoid the hard conversation altogether, the result is not just disappointment—it is often confusion, conflict, and resentment that can outlast the possessions themselves.

Many Families Have Not Had “the Talk”

Younger generations are increasingly open about sharing what gifts they actually want. This trend can be seen in the growth of online wishlists and digital registries that can help families simplify gifting, avoid awkward situations when someone receives an unwanted gift, reduce waste and “gift anxiety,” and turn gift-giving into a transparent, more personalized experience that strengthens family bonds. 

While digital wishlists like those on Amazon, Giftster, MyRegistry, and Elfster are more popular with younger Americans, they reflect bigger cultural trends around authenticity, intentionality, and transparency. We are now encouraged to be more open and share our whole self in both our personal and professional lives to foster greater trust and connection. 

Unfortunately, however, the trend toward greater openness in gift-giving has not made its way into the estate planning world. According to a 2024 survey, only about a quarter of parents have had generational wealth discussions with their children. ¹

This lack of openness has created a growing disconnect between what younger generations expect to inherit and what their parents actually plan to leave. According to a 2025 survey by Northwestern Mutual, there is a growing mismatch between generations regarding inheritance expectations. More than half of younger adults—Gen Z and millennials—say they are relying on financial help or future inheritances from their baby boomer parents. Yet only about one in five boomers plans to leave a significant inheritance.²

Why Communication Matters

Having “the Talk” before “the Transfer” is critical to reducing conflict and uncertainty. And with people living longer, the wealth transfer talk should not be a one-time event; it should be an ongoing conversation as life inevitably evolves.

A few key findings highlight why these conversations matter:

• Nearly half of younger Americans expecting an inheritance have not discussed it with the person leaving it to them.³
• Disputes often arise from personal property such as jewelry or heirlooms. Research shows that these personal and often highly sentimental items can cause more fights than money does.⁴ After all, a retirement account can be divided, but a family heirloom cannot.

This is why it is so important for you to have these discussions with your loved ones while you can. Not only will they be better able to understand your wishes, you will also have an opportunity to learn who values certain personal property items most so you can make thoughtful, intentional choices ahead of time and prevent disputes later.

How to Take the Guesswork Out of Gifts

Open communication about your estate plan is a gift that lasts far beyond the holiday season. If you can simplify holiday shopping with a wishlist, you can simplify estate planning by making your intentions clear and easy for loved ones to follow.

Here is how to put this into action:

• Use a personal property memorandum. Most states recognize an estate planning tool known as a personal property memorandum. This standalone document lets you specify who will receive specific tangible items you own, such as jewelry, artwork, or collectibles. You can complete this document from the comfort of your home and update it anytime without revising your entire estate plan or meeting with your attorney. By clearly documenting your intentions, you help prevent confusion and conflict among your loved ones.
• Clarify the role of digital tools. Digital wishlists, shared spreadsheets, and collaborative platforms can help organize personal property preferences and spark family conversations. However, these tools are not legally binding and can even create confusion if they conflict with your signed estate planning documents. To avoid misunderstandings, ensure that any digital lists are consistent with—and ultimately reflected in—a signed and dated personal property memorandum that is incorporated into your will or trust. The value of these lists is in facilitating conversation and organization.
• Have early and ongoing conversations. Combine legal tools with open dialogue to reduce later misunderstandings and conflicts.

Giving Loved Ones What They Want (and Need)

Guesswork leads to stress, both around the holidays and in estate planning. There is no shame in asking people what they want. Silence about an estate plan can be just as damaging as having no plan. Honesty is not always comfortable, but it can avoid a more unpleasant surprise down the road. 

For guidance on how to turn assumptions into certainty, reach out to us for help.

1. The Great Wealth Transfer Starts with the Great Wealth Talk, Edward Jones Research Finds, Edward Jones (Feb. 27, 2024), https://www.edwardjones.com/us-en/why-edward-jones/news-media/press-releases/great-wealth-transfer-research. ↩︎
2. Orianna Rosa Royle, Gen Z Expects to Inherit Money and Assets—but Their Boomer Parents Aren’t Planning on Leaving Anything Behind, Yahoo!finance (Sept. 26, 2025), https://finance.yahoo.com/news/gen-z-expects-inherit-money-145827436.html. ↩︎
3. New Study Finds America’s Largest Wealth Transfer Faces Unexpected Obstacle: The Family Dinner Table, LegalShield (July 28, 2025), https://www.legalshield.com/press-releases/americas-largest-wealth-transfer-faces-unexpected-obstacle. ↩︎
4. The Allianz American Legacies Study, AgeWave, https://agewave.com/what-we-do/landmark-research-and-consulting/research-studies/the-allianz-american-legacies-study (last visited Oct. 27, 2025). ↩︎

It is a frigid November night. You put on a sweatshirt and sweatpants to warm up—to no avail—and decide to light the season’s first fire. 

You open the woodstove door to find last year’s ashes still inside, the chimney unswept. Not ideal, but manageable. You can deal with these things later, before winter really gets going. The real problem comes when you head to the woodpile on the porch. The kindling is damp, the logs in short supply. You might get a fire started, but it will take work to keep it going.

A weak fire fizzles out fast. And if you are not careful, your estate plan will too.

Relying on the wrong documents, or ones that have been left untended, can lead you—and your chosen beneficiaries—feeling cold and in the dark. 

Smoke but No Fire: An Estate Plan That Is Not Winter Ready

You cannot stop fall from turning into winter. The best you can do is ensure that you are prepared for colder weather to come.

An estate plan can be thought of in the same way. While it will not stave off what is inevitably coming and what we may prefer to avoid altogether, it can provide warmth to those who are left gathered around the hearth.

For that to happen, the ground must be prepared, the fuel gathered, and the spark ready to strike. Without the right elements chosen ahead of time and ready when needed, a plan, like a fire, can fail to ignite, burn out too quickly, or smolder, giving off smoke but no flame and offering no protection from the cold. 

Here are some practical pointers to keep your estate plan from burning out and to ensure that it is ready to work when you need it most:

• Kindling only supports the fire. Some “logs” do not truly burn on their own: Ethical wills and letters of intent can carry deep meaning and guidance, but they do not always carry legal weight. An ethical will is a personal message or legacy letter used to share values, life lessons, or hopes for future generations, while a letter of intent can provide instructions or context to help loved ones and fiduciaries understand your wishes. These documents act as the sentimental “kindling” of an estate plan: They add warmth and heart. But for a fire that burns long and bright through a winter night, an estate plan also needs a solid, legally enforceable foundation: the big “logs” like wills and trusts.
• Good wood needs proper arrangement. A good fire needs the right setup, as does a good estate plan. If signatures are missing, witnesses are improper, or a document is not notarized when it is required to be, it is like stacking wood the wrong way—the spark never catches. Your estate plan smolders instead of burning; your accounts and property may get stuck in probate, your wishes may go unenforced, and loved ones will likely be left with confusion instead of clarity.
• Tending the flame is essential. Just as you would not build a fire and then leave it, your estate plan should not be a set-it-and-forget-it task. Having an estate plan with outdated beneficiaries or decision-makers is like building a fire with wet logs. Firewood needs to be seasoned, tended, and replenished to keep a steady flame. The same is true for your estate plan; it needs regular review to ensure that it continues to burn bright, that your wishes are current, and that the right people are appointed to the right roles and receive the right inheritance.

Start a Fire—and Keep the Flame Going

When the first chill of the season arrives, we are reminded that a fire represents more than warmth; it symbolizes the enduring flame of family and legacy that your estate plan is meant to protect.

It is not enough to simply get a fire started—or to draft an estate plan once and forget it. Both require care and tending to keep burning bright. Instead of leaving your family in the cold, let’s spark up a conversation. 

Create or Protect Your Family Traditions with an Estate Plan

Thanksgiving is built on a shared story and tradition, but every family has a different way of celebrating the country’s second-favorite holiday.¹ Unlike Christmas and the gift-giving anxiety that can accompany it, Thanksgiving is more about keeping things simple. Sure, hosting has its share of stress, but that stress melts away when the table is set, everyone is seated, and the side dishes are being passed around like the good memories they inspire.

Americans today are somewhat split on what defines a traditional Thanksgiving. Most of us celebrate the holiday, but our traditions and activities vary widely. Some families go around the dinner table and share what they are grateful for. Others give thanks more subtly, with good food, good company, and maybe even a little football and some late-night bargain hunting.

As families—and times—change, so do traditions. Kids grow up, start their own families, and establish their own holiday celebrations. 

Still, as new traditions replace old ones, the core of Thanksgiving—connection, gratitude, and shared experience—remains the same. Estate plans can evolve in much the same way, reflecting new realities and a renewed spirit of giving. Estate plans are not only about passing down money and possessions. They are also a way to preserve traditions, share values, and keep families connected for generations to come.

Incorporating New Traditions into Your Estate Plan

The traditional estate plan can feel a bit like a classic Thanksgiving feast: comforting, but sometimes a bit predictable. It is the same year after year: the same turkey, the same side dishes and desserts, and the same stories told around the table.

While tradition can be comforting and grounding, there is something to be said for mixing things up, not only around the dinner table but also in an estate plan. 

You do not have to settle for leaving your loved ones a one-time, lump-sum inheritance, nor do you have to limit yourself to a standard will- or trust-based plan. Your plan can reflect more modern notions of giving, sharing, and gratitude.

Your estate plan can be shaped around your values and goals and the legacy you want to leave. It may focus on a “gifting while living” strategy,² allowing you to share experiences, generosity, and impact during your lifetime. Or it could be designed to pave the way for future family gatherings and celebrations that continue your traditions and honor your memory after your passing. Many people take a blended approach, combining lifetime gifts with future provisions that bring loved ones together and strengthen their bonds, whether those traditions are tried and true or new and novel. 

But just like serving a creative side dish at Thanksgiving, these strategies work best when they are balanced with practical considerations. Tax considerations, administrative costs, and fairness among your loved ones all need to be baked into the plan. Otherwise, what starts as a heartfelt tradition could lead to heartburn later.

Here are a few ways to build the spirit of Thanksgiving into your estate plan to carry out your legacy:

• Holiday gatherings. Set aside funds in a trust to cover food, decorations, or even rental fees for a larger space so everyone can celebrate the holidays together.
• Family reunions. Direct funds in a trust to pay for a recurring family gathering, such as an annual or biennial event, by either specifying the location and activities in advance or appointing someone you trust to make those decisions.
• Shared travel experiences. Earmark funds in a trust for airfare or gas so no one has to miss Thanksgiving because of cost.
• Keeping the family home or cottage. If your Thanksgiving memories are tied to a specific house or cottage, place the property in a trust or an LLC and set aside funds for upkeep, taxes, and maintenance so that the place that holds your family’s memories can continue to bring everyone together for years to come.
• Charitable traditions. Leave funds that allow your family to continue a tradition of giving by volunteering together or directing annual donations to nonprofits that reflect your shared values.

These strategies can be especially meaningful when thoughtfully designed. Working with an experienced estate planning attorney can help ensure that they are structured in a way that minimizes tax issues and keeps family harmony intact.

Make Time to Gather, Share, and Reflect

Things get busy this time of year. Meeting with an attorney before the holiday rush is a recommended step to review your estate planning strategies and make final adjustments before the calendar year ends.

Whatever traditions you and your loved ones have, estate planning should be part of the mix. In addition to the usual fare—reviewing wills, trusts, and beneficiary designations—consider adding one of the above ideas to the menu this year. 

Traditions and estate plans can become a bit like Thanksgiving leftovers: satisfying but sometimes stale. Trying something new, whether it is a new family tradition or a fresh approach to your estate plan, can bring renewed flavor and joy and create a legacy that reflects who you are and what matters most to you.

If you would like help getting your estate plan recipe just right, please reach out to us.

1. Oana Dumitru, Which Holidays Do Americans Enjoy Most—and Least?, YouGov (Feb. 9, 2024), https://today.yougov.com/society/articles/48626-which-holidays-do-americans-enjoy-most-and-least. ↩︎
2. Brie Williams, Giving While Living: Bridging the Gap in Modern Wealth Transfer, State St. Inv. & Mgmt. (July 9, 2025), https://www.ssga.com/us/en/intermediary/resources/practice-management/giving-while-living-bridging-the-gap-in-modern-wealth-transfer. ↩︎

1. In 2025, what is the total amount of money and property you can gift during your lifetime and leave at your death to your loved ones (other than to your spouse) without owing federal estate tax?
   1. $5 million
   2. $15 million
   3. $13.99 million
   4. as much as you want

The correct answer is “c.” For 2025, the federal exemption is $13.99 million. This amount, also known as the federal lifetime estate and gift tax exemption, applies to both gifts made during a person’s life and accounts and property transferred at death. The exemption is set by federal statute and adjusted annually for inflation. However, any accounts and property left to a surviving spouse who is a US citizen are not subject to federal estate tax due to the unlimited marital deduction.

2. Which of the following estate planning tools is often used to designate who will inherit your money and property after your death?
   1. living will
   2. financial power of attorney
   3. last will and testament
   4. healthcare proxy

The correct answer is “c.” A last will and testament is a legal document that allows the creator of the will, or testator, to specify how and to whom their money and property are to be distributed after their death. It also allows the testator to nominate a guardian for their minor children and appoint an executor to manage their estate.

3. What is the legal process by which a deceased person’s will is proved valid (if they have one) and their estate is administered under court supervision?
   1. conservatorship
   2. trust administration
   3. guardianship
   4. probate

The correct answer is “d.” Probate is the legal process through which a court validates a deceased person’s will (if one exists) and ensures that their estate is properly administered. Probate administration includes paying off the decedent’s valid debts and taxes and distributing the remaining money and property to the beneficiaries. The court oversees this process to protect the interests of all parties involved. 

4. Under a medical power of attorney, a person can appoint an agent to make decisions for them regarding:
   1. business operations
   2. real estate transactions
   3. medical treatment and care
   4. financial investments

The correct answer is “c.” A medical power of attorney—also known as a healthcare proxy or durable power of attorney for healthcare—is a legal document that allows a person to appoint an agent to make medical decisions on their behalf if they become unable to do so themselves. The appointed agent, often a trusted family member or close friend, is authorized to consent to or refuse medical treatments or surgeries and make other healthcare decisions according to the patient’s wishes.

5. What happens if you die without a valid will and own accounts or property in your sole name without a designated beneficiary?
   1. your spouse or children automatically inherit everything
   2. your money and property are distributed according to state intestacy laws
   3. the accounts are held by the financial institution permanently
   4. your money and property automatically go to the state

The correct answer is “b.” If a person dies without a valid will, they are said to have died intestate. In this situation, state intestacy laws determine how the money and property held in the decedent’s sole name, with no designated beneficiary, will be distributed. These laws vary by state but generally prioritize the surviving spouse, children, parents, and other close relatives in a specific order. The state does not automatically seize the money and property.

6. Which of the following assets typically avoid probate?
   1. a solely owned bank account without a named beneficiary
   2. real estate jointly owned as tenants in common
   3. a life insurance policy with a named beneficiary
   4. personal belongings such as furniture and art

The correct answer is “c.” When a life insurance policy has a designated beneficiary, the death benefit is paid directly to that person, bypassing the court-supervised probate process. 

7. The primary purpose of a living will or advance directive is to
   1. name a guardian for minor children
   2. outline medical treatment preferences for times when you cannot communicate those wishes yourself
   3. appoint someone to manage financial affairs
   4. distribute money and property after death

The correct answer is “b.” A living will, also called an advance directive, is a document recognized by most states that provides instructions for a person’s medical care if they become terminally ill or incapacitated and are unable to communicate their wishes. It specifies their preferences regarding life-sustaining treatments such as artificial hydration and feeding, mechanical ventilation, and resuscitation.

8. Which of the following is not a common estate planning goal?
   1. avoiding probate
   2. maximizing income taxes during one’s lifetime
   3. minimizing estate taxes
   4. ensuring money and property are distributed according to one’s wishes

The correct answer is “b.” Common estate planning goals include ensuring that your assets are managed and distributed according to your wishes, avoiding probate, and minimizing estate and gift taxes. 

9. Which of the following can be accomplished by using a revocable living trust as the foundation of your estate plan?
   1. probate avoidance
   2. maintaining privacy during and after your death
   3. providing guidelines and restrictions to protect a beneficiary’s inheritance
   4. all of the above

The correct answer is “d.” A revocable living trust is used as the foundation of most estate plans because it offers several key benefits. It allows the avoidance of probate and ensures that assets are transferred to beneficiaries more smoothly and privately. It also provides guidelines and restrictions that can protect a beneficiary’s inheritance—for example, providing for distributions in stages over time instead of as a single lump sum.

10. Is it okay to leave money or property outright to your loved ones?
    1. no, never
    2. only if they are over the age of 21
    3. only if it is less than $1,000
    4. yes, as long as you have considered the beneficiary’s situation and you have no concerns about their ability to manage money or their need for creditor protection

The correct answer is “d.” Leaving money or property outright to a loved one means giving them full and immediate control. While this is the simplest method of distributing an inheritance, it is not always the best. Before you do so, consider the beneficiary’s specific situation, such as their age, financial maturity, any special needs, and whether they have any creditor issues or concerns.

What comes to mind when you think of the typical American family? 

Today’s families take many different forms: Some are blended through divorce and remarriage while others are built through long-term partnerships, adoption, or fostering. Families may include same-sex or opposite-sex couples; married or unmarried partners; or children from different relationships or no children. Many households also juggle the needs of aging parents or relatives with disabilities. 

You can probably picture many other family arrangements. As today’s modern families evolve and become more diverse, so too must the estate planning strategies that protect them. 

Blended Families

The term stepfamily has largely given way to blended family (or bonus family). However, these terms describe the same thing: a family that forms when partners bring children from previous relationships into a new household, possibly alongside children they have together.¹ And the issues these families face, both in maintaining family harmony and in planning their estate, can be complex, no matter what you call them.

Potential planning goals: Provide for your surviving spouse while also ensuring that your children from a previous relationship receive an inheritance. Some parents in blended families may also want to provide for stepchildren. However, this goal requires purposeful planning because state law does not automatically provide for them.

Strategies: A revocable living trust is often the most effective estate planning tool for parents in blended families. With a trust, you can provide for your surviving spouse for their lifetime—for example, by allowing them to receive income from your trust (and possibly principal as well, under conditions you set)—while still preserving the remaining balance for your children from a prior relationship. This approach helps prevent the unintentional (or intentional) disinheritance that may occur if everything is left outright to your spouse. 

Trusts can also include detailed instructions about how money and property should be used and what happens to any remainder. The key is finding the right balance of fairness and protection within the unique dynamics of a blended family where emotions and relationships may be complex and solutions often require flexibility and nuance.

Unmarried Partners

The number of unmarried couples living together has steadily increased, more than doubling from 3.7 percent in 1996 to 9.1 percent in 2023.² 

Whether couples choose not to marry for personal, financial, or other reasons, the main planning challenge with unmarried partners is that default inheritance laws still favor spouses and blood relatives, despite the uptick in cohabitating partners. 

Potential planning goals: Ensuring that your surviving partner is financially secure; can remain in your shared home (regardless of whether you own it in your sole name or the two of you own it jointly); and has the legal authority to make medical or financial decisions if you become incapacitated. You may also want to provide for children from your current relationship or from prior relationships and avoid disputes with extended family members who stand to inherit from you under state law.

Strategies: Because unmarried partners have no automatic inheritance rights and lack many legal protections from which married couples benefit by default, forward-looking estate planning is a must. You can provide immediate or ongoing support for your partner in a will or a trust, although only a trust avoids the public, and often costly, probate process. Some forms of joint ownership of property or carefully structured beneficiary designations (such as transfer-on-death deeds or beneficiary designations on retirement accounts) can also help ensure that your accounts and property pass directly to your partner when you pass away. 

Advance healthcare directives and financial powers of attorney are also necessary to give your partner decision-making authority in emergencies or while you cannot manage your own affairs. Without such strategies, you and your partner risk being treated as legal strangers, and family members will likely be the ones making financial and medical decisions for you.

Loved Ones with Special Needs

Special needs is a broad term that refers to a variety of situations where a person may require some form of specialized services or support to manage everyday life. 

An individual with special needs may have been born with a physical or cognitive disability, may require a wheelchair due to an accident, or may struggle significantly with depression or anxiety. In some cases, their condition may qualify them for means-tested government benefits, which could be at risk if they were to receive a large inheritance outright. Whatever the situation, careful planning can protect them while still providing support. 

Potential planning goals: Allow your loved one with special needs to receive an inheritance in a way that does not disqualify them from government benefits or put them at financial or personal risk. 

Strategies: A supplemental needs trust can provide financial support without jeopardizing eligibility for programs such as Medicaid or Supplemental Security Income (SSI). This type of trust is designed to limit the beneficiary’s direct access to the inheritance while ensuring that it is used for their needs. A trusted individual that you appoint (the trustee) makes distributions at their discretion.

For those without a functional disability but who otherwise may not do well with receiving a large sum of money all at once—for example, they struggle with money management or substance abuse—an incentive trust can be a helpful tool. This type of trust is not aimed at preserving eligibility for certain government benefits; rather, it allows you to set conditions for inheritance distributions tied to employment, education, sobriety, or other goals and milestones to provide support and protection for the beneficiary. 

Sandwich Generation 

The term sandwich generation refers to adults who support their aging parents and their own children. According to a 2025 AARP research report, about 16 million US adults meet this criterion, and almost one-third of family caregivers in the US have children or grandchildren under age 18 living at home while they also care for an adult family member or friend.³ 

If you are “sandwiched” between these dual demands, your exact situation may vary depending on your age and family circumstances. Your child could be a minor under 18 or a young adult still working on gaining financial independence. Your parents may be entering retirement or well into their 80s or 90s. The different versions of the “sandwich” may carry different balancing acts in terms of time, finances, emotions, and planning strategies. They also require different estate planning considerations.

Potential planning goals: Protect yourself as the caregiver while ensuring that your parents and children are cared for and that there is a seamless transition of decision-making authority, guardianship, and financial support if something happens to you. 

Strategies: If your children are still minors, one key part of your estate plan will be naming a guardian for them if something happens to you. You can make guardianship nominations through a will or a standalone document, depending on state law, so a judge is not choosing a guardian without your guidance or input.

You should also consider including a revocable living trust in your plan. A trust can do more than simply avoid probate; it can ensure that critical financial support for your parents and children continues even if you become incapacitated. After your death, distributions can be structured to provide for minors and young adult children in stages as they grow, while also supporting aging parents who may need assistance but should not have unrestricted access to the funds if they cannot manage their own affairs. Such flexibility allows you to protect everyone you care for in a way that balances their needs with responsible oversight.

There is no such thing as a typical family anymore, and yours is likely no exception. So why should your estate plan be typical? More than ever, estate planning should avoid an out-of-the-box, one-size-fits-all approach and individually and collectively address the unique needs of each family member, now and in the future. If you need to create an estate plan or update an existing one, call us to help ensure that the people you care about are fully protected.

1. blended family, Oxford Learner’s Dictionaries, https://www.oxfordlearnersdictionaries.com/us/definition/english/blended-family. ↩︎
2. Change in American Families: Favoring Cohabitation over Marriage, Penn Wharton Budget Model (Feb. 19, 2025), https://budgetmodel.wharton.upenn.edu/issues/2025/2/19/change-in-american-families-favoring-cohabitation-over-marriage. ↩︎
3. Caregiving in the US Research Report at 2, 4, AARP (July 2025), https://www.aarp.org/content/dam/aarp/ppi/topics/ltss/family-caregiving/caregiving-in-us-2025.doi.10.26419-2fppi.00373.001.pdf. ↩︎